Author: leadoffpost
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Zepto’s valuation rockets to $5 billion
Indian online grocery startup Zepto has seen its valuation surge by approximately 40%, reaching $5 billion following a recent funding round led by General Catalyst Partners. This development highlights the ongoing interest of foreign investors in India’s burgeoning e-commerce sector. The $340 million funding round also saw participation from new investors Dragon Fund and Epiq…
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Musk’s X banned in Brazil after disinformation row
X, formerly Twitter, has been banned in Brazil after failing to meet a deadline set by a Supreme Court judge to name a new legal representative in the country. Alexandre de Moraes ordered the “immediate and complete suspension” of the social media platform until it complies with all court orders and pays existing fines. The…
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UK’s Aviva conspired to dodge India compensation and tax rules, agency says
NEW DELHI, Aug 30 – An Indian tax agency has found that British insurer Aviva (AV.L), opens new tab breached local regulations capping commissions to sales agents with a system of fake invoices and clandestine cash payments, according to a notice seen by Reuters. In an attempt to grow operations, Aviva’s India business paid about $26 million…
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French authorities charge Telegram’s Durov in probe into organized crime on app
A French judge put Telegram boss Pavel Durov under formal investigation on Wednesday in a probe into organized crime on the messaging app, but granted the entrepreneur bail on condition he pays 5 million euros, reports twice a week to police and does not leave French territory. Paris prosecutor Laure Beccuau said in a statement the judge…
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ITC Q1 Results: Volume growth of 2%, say sources; Revenue grows 7.5%
Cigarettes-to-agri-to-hotels conglomerate ITC Ltd. reported a 2% volume growth for the April-June period, sources in the know told CNBC-TV18. This is in-line with the CNBC-TV18 poll, which had pegged the figure to be between 2% and 3%. The company reported a 0.3% year-on-year (YoY) increase in net profit at ₹4,917.5 crore for the first quarter that…
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Trump says he would let Fed Chair Powell finish his term if he wins in November, Bloomberg reports
Donald Trump will allow Federal Reserve Chair Jerome Powell to complete his term at the central bank if he won the November election, the Republican presidential candidate told Bloomberg Businessweek in an interview. “I would let him serve it out, especially if I thought he was doing the right thing,” Trump told Bloomberg Businessweek. President Joe Biden…
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Tesla investors to urge judge to reject record $7 billion legal fee in Musk
Tesla shareholders will appear in court on Monday to argue that an unprecedented request for more than $7 billion in attorneys’ fees to be paid by the company is “outlandish,” the latest twist in a legal showdown over Musk’s $56 billion pay package. The record fee request was made by investor Richard Tornetta on behalf…
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Hindenburg gets letter from Indian regulator
U.S-based short-seller Hindenburg Research said on Monday India’s securities regulator had sent it a letter outlining suspected violations over its short bet against Adani Group last year and revealed it may “barely come out above breakeven” on its trade. Hindenburg also said Kotak Bank, an Indian firm, created and oversaw an offshore fund structure that…
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Google buys stake in Taiwan solar power firm owned by BlackRock
Google said it has taken a stake in Taiwan’s New Green Power and could buy up to 300 megawatts of renewable energy from the BlackRock fund-owned firm to help cut its carbon emissions and those of suppliers. Companies are being pushed to cut greenhouse gas emissions linked to their operations and value chains by investors…
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Financial crimes watchdog removes Turkey from money laundering ‘gray list’
KEY POINTS The Financial Action Task Force, an international watchdog organization dedicated to combating money laundering and illicit cash flows, on Friday removed Turkey from its “gray list” of countries that need special monitoring, handing a major vote of confidence to the country in the midst of its economic turnaround efforts. “The FATF welcomes Türkiye’s…